US oil retreats from 2019 high on soaring production

"WTI has reached a new swing high of $58.95 per barrel Friday morning after OPEC announced it will stay committed to supply cuts until the June OPEC meeting", Amir Hekmati, trader at TradeFlow, told UPI.

But oil demand has held up well so far.

OPEC's secretariat urged oil producers to keep going with efforts to prevent a surplus this year, as supplies from their rivals increase faster than world demand.

Oil prices rose yesterday, driven by OPEC's current production restrictions and U.S. sanctions against Iran and Venezuela. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY.

Experts point out that the OPEC cuts, with a goal of not supplying the market with 1.2 million barrels of oil a day during the first six months of the current year, constitute the key factor in the upward trend that has characterized the hydrocarbon price in recent weeks. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

Meanwhile, a weekly report by the US Energy Information Administration (EIA) said US commercial crude oil inventories fell last week as refineries hiked output.

"Therefore, in the event of a major loss of supply from Venezuela, the potential means of avoiding serious disruption to the oil market is theoretically at hand", said the IEA, adding that "production cuts have increased the spare capacity cushion".

Also during the reporting period, Azerbaijan exported nearly 92.57 thousand tons of oil products in the amount of $ 48.5 million.

IEA President Fatih Birol, whose remarks were included in the report, said that there might be extraordinary changes in the global oil industry in the future and that the US would continue to influence the global oil market over this five-year period. With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.

The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in United States supply, while the cutbacks in OPEC declined and the U.S. imposed sanctions on Iran and Venezuela.

Meanwhile, a political and economic crisis worsened by US sanctions has slashed Venezuelan crude exports.

It was also reported that Saudi Arabia exceeded its reduction commitments to 170 per cent.

Venezuela produces about 1.2 million barrels of oil a day when operating normally, said the IEA.

Energy markets are being buffeted by a number of economic crosswinds.

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